We investigate whether and how business credit information sharing helps to better assess the default risk of private firms. Private firms represent an ideal testing ground because they are smaller, more informationally opaque, riskier, and more dependent on trade credit and bank loans than...

Despite their theoretical efficiency in selling shares to the public, auctions are not thepreferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu(2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this“IPO auction puzzle”. They...